Cite as: 522 U. S. 211 (1998)
Opinion of the Court
provision identical to the 1994 amendment that extended the § 547(c)(3)(B) perfection period to 20 days, Senators Heflin and Sasser appeared to address the issue now before us.4 During their colloquy, the Senators agreed that "although there is no statutory language to codify [the Eleventh Circuit's decision in In re Busenlehner and the Tenth Circuit's decision in In re Hesser], they are consistent with Federal bankruptcy law." 140 Cong. Rec. 8035 (1994) (remarks of Sen. Sasser). Senator Heflin thought it "appropriate at this time for the Senate to state its intent to confirm the interpretations of these circuits." Ibid. Fidelity takes this exchange as indicating that in passing the 1994 amendment Congress meant to enact the holdings of the Tenth and Eleventh Circuits that the term "perfected" in § 547(c)(3)(B) may refer to the conclusion provided by a relation-back rule, not only to the creditor's act of filing.
But the colloquy supports no such argument. Senator Heflin began it by describing the enabling loan exception and noting that the proposed amendment would extend the "[f]ederal time period from 10 to 20 days." Ibid. Senator Sasser responded that he thought it "advisable to clarify a related issue that has caused unnecessary litigation throughout the country." Ibid. Senator Sasser later stated that he was "[c]larifying that 'relation back' statutes are consistent with the Federal law." Ibid. These remarks reflect the Senators' understanding that they were not discussing the effect of any legislative proposal before them. Indeed, as we have seen, "perfection" is defined elsewhere and the Senate was not addressing the definition provision. The Senators were simply using the occasion to offer their own views on existing law, a conclusion underscored by Senator Sasser's observation that "there is no statutory language to codify these court cases." Ibid.
4 We say "appeared" because the colloquy is not free of ambiguity. See 140 Cong. Rec. 8035 (1994). For the sake of argument, we treat it in the light most favorable to Fidelity.
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